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CASE STUDY
How Emmy Gorman of Blush Bridal Grew Her Bridal Store and Increased Owner’s Pay by 42% in 12 Months
THE STATS:
42% increase in owner’s pay in the last 12 months
64% growth in sales 2018-2020
61% increase in profit margin 2018-2020
Overview
Shop Name: Blush Bridal Boutique
Owner: Emmy Gorman
Location: Lincoln, NE
Years in Business: 8
When Emmy Gorman, owner of Blush Bridal, came to Ingrid from BridalVision, her store was growing and she had a solid business plan in place. However, in order to achieve her long term vision, she knew that the shop needed to have a more strategic, data-focused mindset.
Since working with BridalVision, Emmy has completely reimagined what growth looks like. Last year, she moved into a new space that doubles the square footage of the previous location.
As Emmy shares, “It went well beyond simply taking a huge leap of faith. We were able to be very strategic about it, including building out a plan as to what staffing needed to look like, what traffic needed to look like, and what sales targets we needed to hit in order to make the move profitable. It was a really big step for our business, but it wasn’t nearly as scary as it probably would have been in the past because I had someone there who was able to break it down into manageable pieces to help me understand the numbers.”
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The new store has been a success and allowed Blush Bridal to increase sales and profit, while building out a more self-sufficient staff. Emmy has been able to provide career opportunities to other women in her community, which has always played a huge role in her desire to grow a business.
Aside from financial outcomes, working with BridalVision on accounting and business advisory has been a big time-saver. Emmy sleeps well at night knowing she does not need to worry about cash flow and is making data-based decisions. And, as any small business owner knows, both time and solid sleep are priceless!
The Challenge: Cash Flow and Seasonality in the Bridal Biz
Bridal store owners are well aware that the bridal industry is seasonal, and seasonality often leads to uneven cash flow. This is a hurdle that every seasonal business, regardless of size, needs to overcome.
As her store continued to grow, Emmy discovered that cash flow challenges didn’t disappear because she was generating more revenue. If anything, with increased sales, the cash flow fluctuated even more due to seasonality.
“Managing uneven cash flow became even more of an issue as we grew because the swings of the highs and the lows became so much more significant due to the seasonality of our business. I knew as we continued to grow that I needed to have a more strategic mindset when it came to the cash flow and how to manage that. And I just wasn't quite sure how.”
When she first heard about the cash management system behind Profit First, she recognized a possible solution to Blush Bridal’s seasonal cash flow challenges.
“It just made sense because it meant that I needed to put X amount of dollars every month away in each specific category of the business… it clarified different aspects of the business that I didn’t necessarily have before.”
After attending a training with Ingrid from BridalVision that focused on Profit First for bridal stores, Emmy knew she was headed in the right direction.
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The Solution: From Freaking Out About Money to Clarity Around the Numbers
Even though Emmy has always had a great accounting team behind Blush Bridal, she quickly discovered that accountants who have not worked with bridal shops don't understand the nuances of the bridal business. She wanted to ensure that her accounting was as efficient, organized, and strategic as possible.
The first step involved taking a really close look at Blush Bridal’s current books and cleaning them up. As Emmy notes, “I thought I had really clean accounting, but it turns out I didn't. And that was nobody's specific fault—there are just a lot of moving parts.”
It takes a detail oriented accountant, who is well-versed in bridal store accounting, to identify where the books need to be cleaned up, and this is where BridalVision started.
Cleaning up the underlying accounting system is just the first step to defining a clear path forward. Profit First is meant to adapt along with the evolving needs of the business and the owner over time, ultimately ensuring that cash is available where needed. Likewise, deliberate, strategic planning is an ongoing process that is ever-present in healthy companies.
With clean numbers in place, Ingrid continues to work with Emmy to interpret patterns in the financial data and anticipate key decisions well before they become stressful headaches, and to discuss future growth opportunities.
Now that Blush Bridal has moved to a Profit First cash management system, Emmy knows that every month there is already a budget — and more importantly, the cash in place — for designated costs such as sales tax and payroll.
“When I first met with Ingrid, I could see that she understood the parts of the bridal industry that maybe my accountant didn't understand.”
Ongoing Strategy for Continued Success
A business cannot thrive without setting aside the time and space for strategic, data-backed decision-making. As part of BridalVision’s Profit Coach Advisory service, Emmy has dedicated time every month to strategize with Ingrid. They use her store’s data to make profitable inventory buying decisions, solve challenges related to staffing and appointment capacity, and shape the business into Emmy’s long-term vision.
“Transitioning into the new store space was a really big step for our business, but it wasn't nearly as scary as it probably would have been in the past because I had someone there who was able to help me break it down into manageable pieces.“
The Blush Bridal strategy sessions provide time every month to pause and reflect on the most pressing needs of the business (or the owner). Everybody has blind spots. Getting a fresh set of eyes, and knowing where to connect the dots can supercharge a business. When that fresh set of eyes belongs to a financial expert specializing in bridal businesses, the added benefit tends to accrue in dollars and cents. Emmy has always enjoyed nerding out on the data and other less tangible elements that go into making good decisions for her business.
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Solutions Used
Business Advisory: Profit Coach
Overcome financial stress, find clarity in numbers, and chart a path towards a profitable, thriving bridal business.
Accounting
Clean up your store’s books for good, so that you can make profitable financial decisions.
Results: Increasing Owner’s Pay by 42% and Doubling the Size of the Boutique
Once the books were well under control and Profit First was implemented, Emmy was able to get a very clear picture of where the business stood, where the business could go, and what key decisions needed to be made. With clean books and cash flow well under control, it was much easier to make profitable decisions to drive the store forward.
“It was important to me that I understand the process, and Ingrid is so, so patient—I appreciate that she takes the time to teach me what I need to learn.”
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What’s Next?
Now, Emmy is starting a new phase in her journey as a business owner. She is slowly pulling herself out of the day-to-day operations to give more attention to the long-term vision she has for the brand and her role as CEO.
Thanks to the success of the bridal store, there are many opportunities and directions that Emmy can take her business in, and BridalVision will continue to play a big role in strategy, accounting, financials, and data-backed decision making.
“Ingrid changed my business... Money coming in and out of the bank is always the biggest concern as a store owner—even when things are going well. Working with Ingrid over the last two years has allowed me to get past knee-jerk reactions with money and move into a place of strategy; from what I want my business to look like and how we can get there to my role in the business.”
Emmy also had some great advice for other bridal store owners:
“When starting out with Profit First, hang in there. It is not something that is going to fix your business or make significant changes within 30 days, and it’s best to go into the process with the expectation that this is an ongoing implementation—And it is totally worth it!”
“Ingrid changed my business... Money coming in and out of the bank is always the biggest concern as a store owner—even when things are going well. Working with Ingrid over the last two years has allowed me to get past knee-jerk reactions with money and move into a place of strategy; from what I want my business to look like and how we can get there to my role in the business.”
Emmy Gorman
Owner of Blush Bridal
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